Cloze Test Quiz 3 for Banking & Insurance Exams

If you are preparing for Banking, Insurance and other Competitive Recruitment or Entrance exams, you will likely come across a section on English. Cloze Test Quiz 3 for Banking & Insurance Exams will help you learn concepts on important topics in English – Cloze Test. This Cloze Test Quiz 3 is important for exams such as IBPS PO, IBPS Clerk, IBPS RRB Officer, IBPS RRB Office Assistant, IBPS SO, SBI PO, SBI Clerk, SBI SO, Indian Post Payment Bank (IPPB) Scale I Officer, LIC AAO, GIC AO, UIIC AO, NICL AO.

Cloze Test Quiz 3 for Banking & Insurance Exams:

Que. 1

Below, a passage is given with five blanks labeled (A)-(J). Below the passage, four options are given for each blank. Choose the word that fits each blank most appropriately in the context of the passage, and mark the corresponding answer.

The problem is that banks ___(A)___ reach a vast majority of the rural population; and so the rural poor have limited access to organized ___(B)___ transparent financial services such as savings, loans, ___(C)___ and insurance services etc. It is important for them to have access to banking services, especially credit and insurance, to enlarge livelihood opportunities and to ___(D)___ themselves to take charge of their lives.

The unorganized sector of lending is believed to be acting as a problem to the growth impetus in these sectors. In several villages, farmers still go to traditional money lenders like zamindars for ___(E)___ sums of a few hundred or thousand rupees and get into debt trap for their whole lives. As a result, farmer suicides, bonded labour naxalism and political and social unrest and on top of it, poor financial management, which ___(F)___had been done smartly would have helped in economic growth of their own self and economy.

Project Financial Literacy of the RBI is one such initiative ___(G)___– dual purpose. First, financial inclusion of the rural poor and second, to tap the growth potential in rural markets by volume growth for banks through edutainment (education + entertainment).Its objective is to ___(H)___ information about the central bank and general banking ___(I)___ to various target groups like children, women, self help groups etc., using development communication and increasing the habit of saving in rural poor. Because if in an economy, saving is more than 30% for 7 ___(J)___ years, the GDP doubles and India can’t ignore the rural sector to increase our savings.

Which of the following words most appropriately fits the blank labeled (A)?

1.

Is not been able

2.

Will not been able

3.

Has not been able

4.

Are been able

5.

Have not been able

Solution

Answer:

The subject ‘banks’ is plural hence the verb too has to agree with it, hence ‘have’ option. Although 'are' could have been used here, but there is no negation in the sentence, whereas we require a negative word to show that rural people have limited access to the banking facilities due to limited reach of banks. So option 5 is the best fit for the blank (A).

Which of the following words most appropriately fits the blank labeled (B)?

1.

And

2.

But

3.

So

4.

Therefore

5.

Because

Solution

Answer:

The line speaks of two aspects of the financial services e.g. ‘organized’ as well as ‘transparent’ and in order to join them together we need a coordinating conjunction ‘and’. Hence option 1 is the correct answer for the blank (B).

Which of the following words most appropriately fits the blank labeled (C)?

1.

Delivery

2.

Installment

3.

Remittances

4.

Return

5.

Allowance

Solution

Answer: The line says that the banks have not been able to reach a vast majority of the rural poor population who has limited access to organized and inexpensive financial services, like savings, loans, payments and insurance services etc. ‘Remittances’ is money sent to someone for payment of items bought or as a gift. ‘Delivery’ is Delivery sending or receiving any item ordered for by the customer, ‘Installment’ is part payments made every month or so, ‘Return’ is sending back, ‘Allowance’ is pocket money or funds received every week or month. So option 3 is the best fit for the blank (C) as it perfectly suits the range of financial services provided by the bank.

Which of the following words most appropriately fits the blank labeled (D)?

1.

Discoourage

2.

Ban

3.

Reject

4.

Empower

5.

Revoke

Solution

Answer:

This line tells us that it is important for the rural population to have access to banking services, especially credit and insurance, to give them the opportunity to be confident about handling themselves to take charge of their lives. 'Empower' means 'To give someone the power in order to make them independent and confident'. 'Discourage' means 'not to encourage, or to make someone feel low'. 'Ban' is 'to put a stop to something', 'Reject' is 'not to accept'.So option 4 is the best fit for the blank (D).

Which of the following words most appropriately fits the blank labeled (E)?

1.

Abundant

2.

Large

3.

Lavish

4.

Ample

5.

Meager

Solution

Answer:

The line tells us how in several villages, farmers still go to traditional money lenders like zamindars for small sums of a few hundred or thousand rupees. 'Meager' means 'very small', 'Abundant' and 'Ample' means 'more than enough'. 'Large' and 'Lavish' means 'very big and grand'. So option 5 is the best fit for the blank (E).

Which of the following words most appropriately fits the blank labeled (F)?

1.

For

2.

And

3.

When

4.

How

5.

If

Solution

Answer: The line speaks of a condition and hence an appropriate conditional needs to be used. ‘If’ is apt here as it speaks of a condition and we can see that it was unfulfilled. Hence option 5 is the right choice for the blank (F).

Which of the following words most appropriately fits the blank labeled (H)?

1.

Collect

2.

Gather

3.

Disseminate

4.

Absorb

5.

Accumulate

Solution

Answer: The line tells us about the Project Financial Literacy undertaken by RBI as a new action for the financial inclusion of the rural poor through edutainment (education +entertainment).Its objective is to spread information about the central bank and general banking in rural areas. ‘Disseminate ‘is to spread, ‘Collect’ ,‘Gather’ and ‘Accumulate’ mean 'to bring together and keep'. ‘Absorb’ means 'to take in like a sponge'. So option 3 is the best fit for the blank (H).

Which of the following words most appropriately fits the blank labeled (I)?

1.

Facts

2.

Thoughts

3.

Plans

4.

Concepts

5.

Beliefs

Solution

Answer: The line tells us about the Project Financial Literacy undertaken by RBI for the financial inclusion of the rural poor to spread informative ideas about banking in rural areas to various groups like children, women, etc. to increase the habit of saving in rural areas. ‘Concepts’ are ideas, ‘Facts’ are proofs, ‘Thoughts’ are imaginary ideas, ‘Plans’ are ideas that have been put into practice , ‘Beliefs’ are what an individual thinks. So option 4 is the best fit for the blank (I).

Which of the following words most appropriately fits the blank labeled (J)?

1.

Alternate

2.

Interrupted

3.

Broken

4.

Discontinued

5.

Consecutive

Solution

Answer: The line tells us that in an economy, if the saving is more than 30% for 7 continuous years, the GDP doubles and India can’t ignore the rural sector if it wants to increase its savings. ‘Consecutive’ is continuous or back-to-back. ‘Interrupted’ and ‘Discontinued’ means stopped before completing, ‘Broken’ means destroyed. So option 5 is the best fit for the blank (J).